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July 20, 2020, 4:48 p.m. EDT

Ulta Beauty to close 19 stores, open fewer new stores this year

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    Ulta Beauty Inc. (ULTA)

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By Claudia Assis

ULTA

Ulta Beauty Inc. /zigman2/quotes/210513442/composite ULTA -2.17% said late Monday that it will close 19 stores and open fewer new stores than it expected given "the uncertainty and disruption created by COVID-19." Ulta said it now expects to open about 30 new stores in fiscal 2020, compared with a late May expectation of opening between 30 and 40 new stores this year. The company expects to resume new-store openings in August, and enter Canada in mid-2021, it said. Ulta did not provide the locations of the stores to close. It plans on reassigning salespeople "where possible," it said. To date, about half of the employees furloughed in April are back to work, Ulta said. Ulta also added itself to a growing list of retailers requiring customers to wear face coverings while in its stores, starting Monday. Shares of Ulta fell 1% in the extended session Monday after ending the regular trading day down 1.5%.

/zigman2/quotes/210513442/composite
US : U.S.: Nasdaq
$ 234.73
-5.21 -2.17%
Volume: 803,371
Sept. 17, 2020 4:00p
P/E Ratio
47.99
Dividend Yield
N/A
Market Cap
$13.51 billion
Rev. per Employee
$193,562
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